The Hindu Business Line : Jet Airways reports Rs 88 cr net profit in Q4

Mumbai June 26 Jet Airways has reported a net profit of Rs 88 crore for the quarter ended March 31, 2007 down by 61 per cent from the same quarter in 2006.

However, the figure for the previous year (Rs 227 crore) was boosted by a one-time income of Rs 270 crore from the sale and leaseback of aircraft. "If one excludes the profits from the sale and leaseback, our performance is better than last year's March quarter," said Mr Prock Schauer, Chief Executive Officer, Jet Airways.

The net sales for the quarter rose 21.7 per cent at Rs 1,978 crore (Rs 1,625 crore).

"Given the status of the aviation industry in India, we have remained competitive and achieved a system wide profit in FY 07. This is in a year where the whole domestic industry is estimated to lose $400 million to $500 million," said Mr Schauer.

On the revenue front, the airline's domestic operations accounted for 76 per cent (Rs 1,509 crore) in the quarter ended March 31, 2007 as opposed to 87 per cent last year (Rs 1,392 crore). Mr Schauer said, "It was a conscious decision not to expand much in the domestic front as the industry was into losses."

However, Jet Airways and Jet Lite currently have a 30 per cent domestic market share.

During the quarter under consideration, the airline's international operations contributed one-fourth of the total operating revenues as compared to 13 per cent a year ago. Mr. Schauer added there has been a steady growth in this segment which will be the company's area of emphasis for the next two years.

More Stories on : Financial Performance | Airlines | Jet Airways (India) Ltd

Article E-Mail :: Comment :: Syndication :: Printer Friendly Page

Stories in this Section
`Low' materialises, to decide monsoon onset in Delhi

Some cos get relief from revised pref shares norms

Low-cost Air Deccan looking at hard cash

`Thailand, India free trade pact talks apace'

Jet Airways reports Rs 88 cr net profit in Q4

Ashok Leyland eyes ASEAN stable

Intel, NIIT to launch multi-core training

Insurance control on compensation rates goes

No cause for worry in F&O segment

Spectrum: Google's call on real time auction generates interest